• Mobycy is in talks with Venture Catalysts, IDG Ventures, and Orios Venture Partners
• It plans to use funds to foray into e-bikes and e-scooters
• The startup competes against players like Ola Pedal etc
Gurugram-based bike sharing platform Mobycy may soon raise $3 Mn from Venture Catalysts, IDG Ventures, and Orios Venture Partners.
Akash Gupta, co-founder and CEO of Mobycy, said the company plans to use the funds to foray into e-bikes and e-scooters on its platform, claiming to be the first one in the country to do so.
Founded in 2017 by Akash Gupta and Rashi Agarwal, Mobycy is working on its mission of creating sustainable mobility. The startup enables dockless bicycle sharing and is actively working to change people’s lifestyle through green tech.
“The bicycles are primarily used for last-mile delivery and places at metro stations, apartment complexes etc,” said Gupta.
The company has leveraged advanced technologies such as integrated IoT-based GPRS lock technology, cashless wallet payments, geofencing, machine learning, etc, to provide users with an excellent, healthy, and environment-friendly commuting alternative.
Mobycy App users can simply locate the nearest bicycle, e-bike or scooter, and rent it by unlocking the cycle lock by scanning a digital QR code via its app. Upon completion of the trip, the cycles can be parked anywhere on public pavements, except inside private compounds or gated colonies, etc.
The services of Mobycy are currently active in eight cities including NCR, Chandigarh, Jaipur, Gwalior, and Sonipat, among others.
Akash further claimed that the company is clocking 7,000 rides a day and expects to double it in the next one or to two months.
Mobycy piloted 30 electric bicycles recently and expects it to accelerate its business further.
Talking to Inc42 recently, Akash had said that the greentech company has almost 40,000 users till date and is planning to add more than 50,000 bicycles to its kitty in the next six months.
Dockless Bike Sharing In India
Bicycles have been increasingly gaining momentum in the country because of the ease and lifestyle benefits of cycling, along with the push of players of the space.
There are global players such as Mobike, which started operations in India in May 2018. Mobike, which operates in over 200 cities across 16 countries, had plans to start its operations in cities such as Nagpur, Delhi, Bengaluru, Pune, and Ahmedabad, among others.
Another global player, Alibaba-backed Ofo, has suddenly ceased its operations in the country amid reports of a cash crunch.
Indian cab aggregator Ola has already come up with Ola Pedal, its bicycle-sharing service. There are already dozens operating in China, Southeast Asia, and the US, among other countries.
[The development was reported by ET.]